So that’s it. The banking royal commission wraps up in time for the next election and both the banks, and regulators can breath a sigh of relief, because no individuals have been named for criminal or civil charges, and the regulator can stay, largely as it is.

But that is not where this story ends, and I think we all know that.

The government now has to deal with the fallout – from the sector, from those disappointed with where the recommendations stopped, and from its own 16-month denial of the need for the commission itself.

“Labor failed to do it when it was in power” is already running out of steam. People are going to expect that to be addressed, and addressed soon.

Scott Morrison hasn’t been heard on the report as yet. That will probably change tomorrow. Given the flooding situation in Queensland, and his appearance in Tasmania today, after that state’s bushfires, he is going to be busy.

Parliament resumes for the first time this year next week. None of these issues are going away soon.

Thank you so much for joining us for this special edition of politics live, and for sticking with us as I wrestled with the internet connection immediately after the lock-up. If it helps, I have aged about 10 years in that delay getting the first posts up.

A massive thank you to Katharine Murphy who is still toiling away at her keyboard and to Chris Knaus for stepping in today to help and the rest of the Guardian brains trust for keeping it all ticking over and cleaning up my typos, of which, as you can all attest, there are many.

Check back over the next couple of days for more news on this, and everything else Australian politics, and Mike Bowers and I, along with the whole team, will be back with you bright and early on the blog, on 11 February.

SUMMARY

Of the 76 recommendations, the government has pretty much accepted all of them. The user pays mortgage broker one has some caveats around it, but the rest are not that difficult to implement.

No charges. As yet. But the commission has pointed out at least 24 cases where the regulator should have another look, particularly around the fees for no service scandal.

That takes in all the major banks, except Westpac.

There has been pushback against the compensation scheme of last resort from the financial services council – that is the government’s plan to have the banks cover compensation for clients of other financial businesses which have gone belly up. The government can force the banks to do that, as part of their licence, but expect some ‘consultation’ on that.

The Australian Banking Association says the report has been a wake up call and changes are already happening.

Legislation will be introduced soon. But it has to be really soon to be passed before the next election.

Labor views the recommendations as “a beginning” but has not ruled out going further, if elected.

Straight off the bat – should the Coalition apologise for opposing the royal commission for so long?

Look, we can debate for hours, Leigh, about what Labor failed to do when they were in [power]”

But what about the Coalition?

When we first came into office we initiated David Murray’s financial systems inquiry – a very significant inquiry that looked at the financial system and the recommendations of which we’ve been implementing since. We’ve adopted a number of important reforms that have been endorsed, not just by Commissioner Hayne today, but by previous reports including by the Productivity Commission into centre superannuation.

But what about the government’s opposition to the royal commission?

Well, we did call the royal commission and today we’ve responded to it.

Yes, but you were dragged to it.

And today we have said we’re taking action on all 76 recommendations. These are recommendations that will have far-reaching consequences across the financial system, including putting in place the banking executive accountability regime, not just within banks which we initiated, but with an insurance and superannuation companies, ensuring trustees of superannuation funds actually face penalties for breaching of their duties.

Putting in place a new disciplinary body that deals with financial advisers. There’s a whole series of recommendations that Commissioner Hayne has handed down which we have adopted today.

The transcript from the Chris Bowen presser has landed – it was in Sydney, so I didn’t get to hear all of it in the madness of that first couple of hours outside the report embargo lifting, but the main takeaways seem to be:

The Labor party accepts in principle all the recommendations in Commissioner Hayne’s report. We would have a Treasury taskforce to work with a Shorten Labor government on implementing the recommendations. We would consult broadly on implementation details with all affected parties; the financial sector, the victims groups and consumer groups. We would consult widely about implementing the report’s recommendations but we accept in principle each and different recommendation in Commissioner Hayne’s report.

In fact we regard this report as being the minimum of action that should be taken to improve Australia’s banking and financial services sector.

On the recommendation the government has given a “maybe” to (user pays in terms of mortgage broking):

Well they haven’t adopted the recommendation. I mean they’ve got weasel words in there. We adopt the full recommendations in principle. We’ll sit down with all affected parties and talk about the implementation details, timeline et cetera but we accept the recommendations. The government simply cannot say that they’ve accepted the recommendations. They simply cannot. I mean they resisted this royal commission every step of the way and now we have the royal commission report and they’ve got weasel words in there about various recommendations including that one.

And on bipartisanship for legislation:

Well clearly there is legislation – clearly some of this legislation could and should be implemented as a matter of urgency. If it’s not we’ll have to wait for an election and all the relevant post-election processes which are inevitable and would lead to delay. If the parliament was sitting more between now and May we might get more passed.

The Commonwealth Bank of Australia chief executive, Matt Comyn,has also released a statement:

We are working through the royal commission’s final report and the 76 recommendations. Commissioner Hayne has called out the clear need for change.

The government has announced a comprehensive set of measures in response and we will work through the impact of these over the next few days.

We note that the commissioner has concluded that a number of matters regarding the group’s conduct, including in relation to superannuation, warrant further investigation by relevant regulators and we will cooperate fully with these investigations.

We will update the market as appropriate, noting that we will release our half year results on Wednesday.

The royal commission has been a thorough and valuable process for everyone – bank customers, financial services institutions, regulators and policy makers. It has highlighted failings both in our business and across the wider financial services industry.

As challenging as the royal commission process has been, CBA will be a better bank as a result.

We are addressing past failings, implementing important changes and improving our processes to ensure we remain focused on what is best for our customers.

We are implementing stronger policies and processes, including a new code of conduct.

There is still much work ahead to earn back trust, but we are determined to restore broad respect and support for the important role that a major financial institution like CBA has to play in our economy and community.

Over the coming months, we will accelerate our work towards becoming a simpler, better bank. It is our No 1 priority.